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The European Commission wants to allocate the blocked Russian assets, which are largely held at Euroclear in Brussels, for a recovery plan of 140 billion euros for Ukraine. De Wever, who is wary of the enormous legal and financial risks of the operation, did not receive the requested guarantees at a summit in Brussels on Thursday. He demands more clarity on the legal basis and total financial solidarity of the other member states regarding Russian claims and retaliatory measures.
Even after hours of negotiations, the heads of state and government of the 27 member states could not reach an agreement on Thursday. Ultimately, any reference to the blocked Russian assets was removed from the summit’s final conclusions. The leaders are asking the Commission to develop “options” for further financing of Ukraine as soon as possible. It is hoped that a solution will emerge by the next European summit in December.
It is likely that this solution will still relate to the blocked assets. “I prefer an alternative solution, but I am only poor little Belgium. I can only point out what the problems are and kindly ask for solutions,” De Wever said afterwards. He emphasized that Ukraine must continue to receive support. “Time is running out, as we need to find a solution before the end of the year. I remain willing to discuss this with the Commission and others who want to talk about it.”